TF Metals Report Podcast

Well, here we are again, on the cusp of a solid weekly close. The last two Fridays have brought chart-painting smashes, however, so we'll have to wait to see what tomorrow brings. Complicating matters...tomorrow is another NYSE option expiration day, too.

Let's dive right in. The...

It was a busy day with prices again rising on the physical exchange of Shanghai and into London before falling sharply on the derivative exchange in New York. Just another day in the barrel, I guess. But there's still much to discuss ahead of what will be a volatile final 48 hours of the week...

As mentioned this morning, I've got some friends in town and, as such, I will be out of the office this afternoon. However and though this is posted a little earlier than usual, I hope you have a listen as there was a lot to cover today.

Let's start with these two links:

...

As you know, I've been a supporter of APMEX and OneGold for years and, fortunately for us, they've been supporters of this site for years, too. One benefit of all this is the podcast that I have for your holiday, with Levi Gunter of APMEX bringing us details on the current status of the retail...

If you wind the clock back about 100 hours, then you'll recall that we began the week by emphasizing the old TFMR adage about the end of the week being more important than the start. And after a Bank Special today, we're reminded again of that adage's power.

You see, if I had told you...

An exceptionally busy news day for the PMs, all the way through the Globex close with major miner earnings reports adding to the workload. As such, this podcast was slightly delayed and longer than usual.

So let's just dig right in and to get this posted as quickly as possible....

Stagflation is the word of the day today after a much hotter-than-expected CPI report reminded us that stagflation was always the expected outcome, we just have to wait for it to appear. Here we are?

So for today, let's expand on that idea and what the consequences might be for...

Here's an oddity for you. Comex gold and silver did great today...as long as the Comex was open. Where it got worked backward was during Asian and London hours as well as the afterhours Globex in the U.S. A weird day and certainly not something I expect to see become the new normal.

...

It was a great start to the week. Comex gold was up 1.6%! The GDX was up3%! Crude oil was up 2.1%! Copper was up 2.4% and at its highest level since late May! Meanwhile, Comex silver was....Did I happen to mention that it was a great start to the week in everything but silver?

As such...

A very frustrating day brings a very busy week to a close. Was it a good week? Of course! The gold price was UP over $50 with the GDX up 5%. But the way it all ended, with CDS daring to break the $33 cap and then getting smashed for 3%, leaves your host in a bitter and sour mood.

So,...